Today, the Cobb Chamber announced the sale of its headquarters building at 240 Interstate North Parkway and its plans to lease 17,517 square feet of office space at 1100 Circle 75 in Cumberland on the full 10th floor. The Chamber building and 1.7 acre property was purchased by Pope & Land, a 40-plus-year-old real estate company responsible for many developments throughout the Southeast. The Chamber and its tenants, the Cumberland CID and Cobb Community Foundation, are expected to relocate to the new location by early 2020.

“After an extensive search for our new home, we ultimately selected 1100 Circle 75 for its prime location in the heart of the Cumberland CID,” said Sharon Mason, President and CEO of the Cobb Chamber. “The Cobb Chamber is experiencing a time of tremendous growth and momentum, and we are excited to match our brand with this new space that will help us tell Cobb County’s story to the 12,000-plus members and guests we host each year, along with the prospective companies we are recruiting to Cobb.”

Located across from SunTrust Park and The Battery Atlanta, the full-floor lease is located on the 10th floor and offers 360-degree views of metro Atlanta. The new space will feature meeting rooms and event spaces equipped with top-of-the-line technology, modern workspaces, huddle rooms to foster collaboration, a bistro-style break room and an overall elegant office environment filled with natural sunlight.

Several Cobb Chamber members provided expertise during the building sale and property search. Chad Koenig and Trey Dove of Cushman & Wakefield represented the Chamber in the lease negotiations. Andrew Walker of Colliers International represented the Chamber on the sale of its former headquarters building. The Chamber has selected Rule Joy Trammell + Rubio as the architectural design firm and Darden to serve as project manager. Choate Construction is building out the space that is leased by SK Commercial Realty. Turnerboone is the project’s furnishings vendor, and Unified Technology Systems is providing the audio visual design and installation.

“Circle 75 allowed the Cobb Chamber the opportunity to create a forward-thinking space that’s a reflection of all of the great things about Cobb County while offering a fiscally responsible alternative compared to other buildings in the market,” said Chad Koenig, Senior Director with Cushman & Wakefield.

The Cobb Chamber’s new location at 1100 Circle 75 offers many advantages to the organization. The new office space tells a compelling visual story, illustrating the Chamber’s work in the region and its role in bringing landmark projects to the county.

“It’s important to our leadership that our new location reflect the Chamber’s values and serve as a wise steward of our members’ investments,” said Mitch Rhoden, 2019 Cobb Chamber Chairman and President and CEO of Futren Corporation. “1100 Circle 75 more than meets that criteria – members, Chamber employees and tenants will have a new space that inspires pride and builds excitement.”

Mason added, “The former headquarters sits on 1.7 acres. The buyer, Pope & Land, is a very reputable organization with a long history of developing innovative and remarkable landmarks throughout the Southeast. We know that they will continue to make our community proud with the new property.”

Cushman & Wakefield has arranged the sale of a 13-property, 2,492-unit portfolio comprised of apartment communities throughout Georgia and North Carolina on behalf of Kole Management Co. Taylor Bird, Nelson Abels, and Robert Stickel of Cushman & Wakefield represented the seller in the transaction. Carter Multifamily acquired 11 Georgia properties, while Lincoln Avenue Capital acquired Ashton of Richmond Hill in Savannah, Georgia, and MLA Properties bought Pavilion Village in Charlotte, North Carolina.

“These communities offered an opportunity to invest in almost 2,500 units with significant market-supported value-add potential,” said Bird. “Eleven of the properties sold to one investor, Carter Multifamily, allowing for immediate efficiencies and scale in growing secondary markets. This sale shows how qualified groups are searching for portfolios as well as assets in secondary markets where they are able to achieve higher returns than the major metros.”

This well-maintained 13-property portfolio features locations in the Georgia cities of Savannah (seven), Macon (three), Augusta, and Canton, with one location in Charlotte. All properties boast higher than average occupancies and are located in thriving locations surrounded by high barriers to development.

“MLA is excited to be entering the Carolinas, and we look forward to continuing to work with Cushman & Wakefield to expand our footprint in the market,” said Michael Cohan, Managing Director at MLA Properties. “The Charlotte MSA continues to be a leader in all major demographic categories and we believe the region’s best days are ahead of us. Pavilion Village presents a unique opportunity in a thriving submarket with close access to transportation, education, and major employment hubs. In partnership with Pearlmark, we believe this asset will benefit from an interior value-add program and Drucker & Falk’s management expertise.”

The Radco Companies acquired Stonegate at Eagle’s Landing, a 167-unit apartment community located in Stockbridge, Georgia, for $25.1 million. Built in 2006, Stonegate at Eagle’s Landing is a well-maintained asset with oversized floor plans and attractive exterior design.

Rockworth Acquisitions acquired Mandalay Villas, a 300-unit apartment community located in McDonough, Georgia, for $48.75 million. Mandalay Villas is a Class A asset constructed in the “big house” style with oversized floor plans and house-like private entrances and attached garages.

“Though Mandalay Villas and Stonegate at Eagle’s Landing are both extremely well located deals on the south side of Atlanta, this is where the similarities end,” said Kemether. “Mandalay Villas is incredible big house product at a great basis with upside. Stonegate provides higher-than-market day one yield for its new owner, with the ability to push revenue further in coming years. I am excited to see where each owner takes these deals over the next couple of years.”

North Decatur Station is the retail component of a newly-constructed mixed-use project located at 1555 Church Street. The shopping center is anchored by Whole Foods Market 365 and the property is fully leased to a best-in-class merchandising mix including Hollywood Feed, Gusto!, Big Peach Running, Club Pilates, Jason’s Deli, F45 Fitness, Thrive Vet Clinic and others.

The 290-unit Solis Decatur Apartments, part of the mixed-use development, were not included as part of the transaction.

Cushman & Wakefield has arranged a 24,936-square-foot lease for Lion RE:Sources Inc. at Northyards Business Park, located at 384 Northyards Boulevard in Atlanta. Aileen Almassy of Cushman & Wakefield represented the landlord, MetLife Investment Management, in the transaction. Bill Kilborn of CBRE represented the tenant.

“As the region’s first office campus of its kind, Northyards offers tenants the standard for cutting edge space that has attracted many creative-class users,” Almassy said. “Its prime Downtown location offers proximity to Georgia Tech and the Westside, making it ideal for talent attraction and retention.”

Northyards is an innovation and office complex situated on the western edge of Downtown Atlanta. First developed in 1911, Northyards was home to Southern Railway Company’s Roundhouse and functioned as a location for the assembly and servicing of passenger trains. As the twentieth century progressed and the demand for railway passenger services fell, a compound of warehouses was built around the Roundhouse to serve the growing needs of the freight industry. Listed on the National Register of Historic Places, Northyards has preserved the character of the original buildings.

Northyards totals 276,532 square feet and was redeveloped in 2001. The 17-acre property features free parking, a food truck program, MARTA and Stinger bus stops, the Café at The Gathering Spot, and is fiber optimized. Additionally, the property is located in an Opportunity Zone, offering the maximum job tax credit allowed under law of $3,500 per job created, and the lowest threshold of a job tax credit program of two jobs.

At 6891 Daniels Parkway, Daniels Marketplace is favorably positioned at the high traffic intersection of Daniels Parkway and Six Mile Cypress Parkway, which sees 90,000 vehicles per day. In addition to its high visibility, the property is positioned to benefit from a rapidly expanding residential population. The population within a 5-mile radius is projected to expand by 11% over the next five years.

In addition to Whole Foods, Daniels Marketplace is occupied by a diverse mix of eCommerce-resistant tenants, including a salon, dentist, Pilates gym, dry cleaner, pet hospital and several fast-casual restaurants such as Mellow Mushroom and Panera Bread. The site also offers a significant future development opportunity.

“Daniels Marketplace provided a best-in-class investment opportunity featuring a desirable tenant mix serving a high-growth, expanding trade area,” said Gilbert. “The opportunity for additional development also provides potential upside for the new owner.”

Cushman & Wakefield and Tyler Real Estate Partners have arranged a 25,000-square-foot lease with Harrison Design at Building 1 of Piedmont Center, The Commons on behalf of The Ardent Companies. Will Porter and Laura Power of Cushman & Wakefield represented the landlord in the lease negotiations, and Tyler Real Estate Partners, David C. Tyler Realty, Inc. represented the tenant.

“We are very happy to welcome Harrison Design to the Piedmont Center campus family,” said Mike Guynn, Managing Director at The Ardent Companies. “We have made strategic, user-driven investments across the newly unified Piedmont Center campus focusing on common area improvements, wayfinding, technology and cohesive connectivity and it’s great to see these improvements are being well received by the market as well as the end users they were designed to benefit.”

“For over 25 years, Harrison Design has been proud to call Atlanta home,” said William Harrison, Harrison Design’s Founding Principal. “Our tremendous growth over the past few years left us at capacity in our current facility. We selected the campus at Piedmont Center because we feel the location, amenities, and common areas will meet the high standards of our clients and our team for years to come. This move to Piedmont Center will give us the ability to better serve our customers, while also providing our team with sufficient space to be productive as we continue to grow. We look forward to welcoming clients into this new, exciting space.”

“Harrison Design embodies the creative and professional workforce that The Ardent Companies has positioned the project to attract,” Porter said. “We are very excited to have them become part of the vibrant culture cultivating at Piedmont Center.

North American Properties (NAP) today announced Jones Day will fully occupy the office component at Building 500, the 135,600-square-foot building at the corner of 15th and Peachtree Streets. The first floor of the six-story building will feature a lobby for Jones Day and retail space.

Out of the current speculative office pipeline in Atlanta, Building 500 is the first to be 100% leased before putting a shovel in the ground. The planned speculative building has since become a build-to-suit project to cater to Jones Day’s specifications. Below grade work on the building begins this summer, with vertical construction commencing in March 2020.

“It’s no longer about having a sumptuous wood-paneled lobby and big corner offices inside the building, it’s now about technology, efficiency and a differentiating factor, where partners and associates find themselves when they step outside,” said Mark Toro, Managing Partner at NAP. “There is immeasurable value in people with different backgrounds, beliefs and skills communing.”

Jones Day joins the mass of office users relocating to mixed-use environments that offer a highly amenitized experience to engage their guests as well as recruit and retain top talent. The internationally recognized law firm will design a custom workplace experience with a more efficient floor plan than offices of the past. It will also include an expansive terrace on the 4th and 5th floors overlooking Peachtree Street.

“Designing a modern workspace that provides a more efficient design by using the latest technology to elevate the experience for our clients and promote collaboration among our lawyers and staff is paramount to our ability to continue to deliver service that our clients expect,” said Aldo LaFiandra, Partner-in-Charge of the Jones Day Atlanta office. “Of course, another significant factor to our decision is the prospect of being in the mixed-use environment at Colony Square. The restaurants, retailers and entertainment at the Midtown destination in addition to public transportation access, proximity to Piedmont Park, and concentration of arts at the Woodruff Arts Center will provide an excellent work environment for our lawyers and staff. This, together with our modern workspace, will allow us to continue to attract the best and brightest.”

Jones Day will move approximately 250 employees to Building 500 in Summer 2021. With nearly 2,700 office workers at the existing office towers, Buildings 100 and 400, and an additional 300 expected at Building 300, the reimagined Colony Square will host an estimated 3,250 daytime workers upon completion. In addition to Jones Day, Whole Foods Market will anchor the new 87,500-square-foot Building 300 currently underway.

“There is incredible momentum in Midtown with a lot of new speculative office coming online,” said Sumlin. “Colony Square’s aptitude to attract such a high-profile tenant roster while also impacting the community through a mix of one-of-a-kind offerings signifies the destination’s ability to transform Midtown once again, similar to its influence on the neighborhood in the 1970s. We attribute this to the energy and ‘hang out’ factor NAP has created at Colony Square. We can’t wait to see this forward-thinking global law firm join the community’s exceptional talent pool.”

NAP also recently announced a series of restaurant signings, including Sukoshi, a grab-and-go sushi bar inspired by sister restaurant O-Ku by famed restaurateur Steve Palmer (opening this summer); Rumi’s Kitchen, a local favorite for Persian cuisine by acclaimed chef Ali Mesghali (opening May 2020); and Freshii, a fast-casual, affordable and healthy eatery (opening this summer). Anchor tenants include IPIC, a first-to-market, luxury dine-in movie theater, and Main & Main, a 25,000-square-foot food hall overlooking The Grove, a shady pocket park fronting 14th Street. Both anchors will open in May 2020.

LeaseQuery has signed a 52,888-square-foot, full-floor lease at Three Ravinia, an iconic 816,748-square-foot office tower in the heart of Atlanta’s Central Perimeter submarket. LeaseQuery, Atlanta’s fastest growing tech company, helps accountants and other finance professionals streamline its lease accounting processes, improving productivity and eliminating errors that often lead to material misstatements. The company plans to hire between 150 and 200 employees in the next year, and positions will include all departments and functions: sales, marketing, customer solutions, software engineering, product management and analytics.

“We are thrilled to partner with Three Ravinia and Preferred Office Properties,” said George Azih, CEO and Founder at LeaseQuery. “They immediately understood what we needed to accomplish with our work space and worked diligently with us to match our vision and objectives to reality. It’s been an absolute pleasure to work with them to strategically and tactically achieve what we needed.”

Through its best-in-class software solutions, public companies, privately held businesses, and government entities rely on LeaseQuery to take the worry and work out of the complex web of accounting rules and compliance requirements.

The new location at Three Ravinia marks the company’s third expansion in two years. The Super Floor allows LeaseQuery to have all its employees on one level and provides modern collaborative space, as well as a private 5,000-square-foot rooftop deck. LeaseQuery will enjoy access to all of Three Ravinia’s top-of-the-line amenities including the new full-service café, state-of-the-art fitness center and building conference center.

“LeaseQuery is a great homegrown story and we are happy to play a role in facilitating their growth,” said Boone DuPree, President of Preferred Office Properties. “Three Ravinia offers a high profile environment in a central location with amenities and room to grow. We look forward to watching LeaseQuery’s continued success as their real estate partner.”

“Working with a fast-growing client, such as LeaseQuery, is always a challenge because dynamics can change so quickly, however, the team at Preferred Office Properties and Cushman & Wakefield were tremendous to work with on this deal,” said Michael Tucker, Managing Partner at Scotland Wright Associates. “We went from LOI to signed lease in less than 20 days and they responded quickly and with creativity to the growth and branding requirements of LeaseQuery. The deal is a true win-win for both parties.”

Preferred Office Properties has invested $14 million in Three Ravinia to enhance amenities to attract today’s high growth technology-based tenants. In addition to the new café and upgraded fitness center, Preferred Office Properties also upgraded all elevator banks and added a new 455-space parking deck. The enhanced lobby is home to a 48-foot by 48-foot “Living Wall” comprising more than 15,100 plants, the largest of its kind in the Southeast.

Cushman & Wakefield has arranged the sale of Canopy, a 684-unit apartment community located in Norcross, Georgia. Mike Kemether and Tyler Averitt of Cushman & Wakefield represented the sellers, Cortland and Oaktree Capital Management, in the transaction. Priderock Capital Partners acquired the property.

“One of the biggest changes I have witnessed over the past 10 years is how Gwinnett County has reconstituted itself into one of the strongest multifamily submarkets in Atlanta predominantly through admirable job and population growth, with the county making some smart investments in infrastructure and commitments to town centers,” Kemether said. “Canopy has grown right along with the county. The seller has executed the property repositioning plan to a T, and the buyer will reap the benefits as the deal matures and moves to full market rents.”

Built in 1987 on 59 acres, Canopy is located in Atlanta’s premier expansion market of Gwinnett County, one of the fastest growing counties in the nation for more than two decades. Canopy’s best-in-class amenities include a state of the art fitness center, two swimming pools, soccer field, resident clubhouse with children’s library, playgrounds and dog parks.

“Gwinnett’s high replacement cost for multifamily, coupled with a lack of new single family development, offers the new owners an excellent position in the market to operate Canopy as a high-end affordable option for renters,” Averitt added.